R.I. Gen. Laws § 30-19-3: Purchase of insurance.

A minor veteran may, with like force, effect, and validity, purchase and own policies of insurance relating to real or personal property mortgaged to secure any loan described in § 30-19-1 and may make any policy payable in case of loss to any holder of any mortgage on the property, and may endorse any check, draft, order, or negotiable instrument made payable to such minor in connection with that loan.